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13.1.2 - $ 1d AFTER TAX INCOME 1c TOTAL EXPENSES 1e...

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    BUDGETING PROBLEM CLAIRE: NEW CAR & RRSP
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1a)  FIXED EXPENSES FIXED EXPENSES MONTHLY YEARLY RENT 1,000.00 $ 12,000.00 $ LOAN PAYMENT/ 500.00 $ 6,000.00 $ CABLE & INTERNET $ 135.00 1,620.00 $ BUS PASS 70.00 $ 840.00 $ LIFE INSURANCE' $ 50.00 600.00 $ APARTMENT INSURANCE 50.00 $ 600.00 $ TUITION FEES - $ - $ 1,805.00 $ 21,660.00 $
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1b)  VARIABLE EXPENSES VARIABLE EXPENSES MONTHLY YEARLY FOOD @ HOME 225.00 $ 2,700.00 $ FOOD AWAY FROM HOME 150.00 $ 1,800.00 $ FOOD & BOOZE AWAY FROM HOME 200.00 $ 2,400.00 $ CLOTHING 250.00 $ 3,000.00 $ CEL PHONE/TLEPHONE 50.00 $ 600.00 $ MEDICAL EXPENSES 25.00 $ 300.00 $ GIFTS 33.33 $ 400.00 $ ENTERTAINMENT & RECREATION 150.00 $ 1,800.00 $ DONATIONS 16.67 $ 200.00 $ ELECTRICITY 60.00 $ 720.00 $ PERSONAL CARE 35.00 $ 420.00 $ 1,195.00 $ 14,340.00
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Unformatted text preview: $ 1d) AFTER TAX INCOME 1c) TOTAL EXPENSES 1e) SURPLUS (DEFICIT) CASH FLOW INCOME YEARLY TAXABLE INCOME 55,000.00 $ TAXES @ EFFECTIVE TAX RATE 21.17% 11,643.50 $ AFTER TAX TAX INCOME 43,356.50 $ TOTAL EXPENSES FIXED EXPENSES 21,660.00 $ VARIABLE EXPENSES 14,340.00 $ 36,000.00 $ SURPLUS CASH FLOW 7,356.50 $ 2) CAN SHE DO IT? NO:AS SURPLUS CASH FLOW IS $7,356.50 VS REQUIREMENTS OF $9,320.00 MONTHLY YEARLY CAR PAYMENT 350.00 $ 4,200.00 $ CAR EXPENSES 400.00 $ GASOLINE CAR 60.00 $ 720.00 $ 5,320.00 $ RRSP 4,000.00 $ TOTAL 9,320.00 $ RECOMMENDATIONS CUT BACK ON VARIABLE EXPENSES. 2. m...
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